Did you see the new Dogecoin Twitter logo? The ‘doge’ of the cryptocurrency Dogecoin changed the recognizable Twitter bird logo above the home button on the online version of the social network (The Twitter smartphone applications remained unaltered).
Reminder: The Dogecoin blockchain and cryptocurrency, which was developed as a joke in 2013 to parody other cryptocurrencies like Bitcoin, features the Shiba Inu doge as part of its emblem.
The head of Tesla and SpaceX, Elon Musk, is a known advocate of cryptocurrencies. He has been outspoken in expressing support for cryptocurrencies like Bitcoin and Dogecoin, and his comments frequently have a substantial impact on the market. Musk, however, shocked many when he replaced the image of the Dogecoin emblem as his Twitter profile photo in April 2021, and he did it again!
In this article, we will explain why did Elon Musk change the Twitter logo to the Dogecoin cryptocurrency meme? We will look at a few potential explanations for this action in this piece.
Dogecoin Twitter logo change: Here are potential explanations
Elon Musk earlier declared that after acquiring Twitter, he would change its logo.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Elon Musk has played a role in the rise in fame of Dogecoin, a cryptocurrency that was invented as a joke in 2013. Musk posted about Dogecoin in February 2021, which raised the cryptocurrency’s value. Musk had previously posted about Dogecoin, but this was possibly the most important instance. Dogecoin is the currency for the people, according to tweets from Musk. Thousands of people retweeted and commented on the tweets, many of whom praised Musk for his support of cryptocurrencies.
Dogecoin’s fame and price growth have been largely attributed to Musk’s comments about it, which frequently result in substantial market movements. For instance, the price of Dogecoin increased by more than 500% from $0.008 to $0.05 in just a few days following Musk’s comments in February. Due to this price increase, many people bought Dogecoin in an effort to cash in right away.
It’s important to note that Musk has engaged in some controversy with his comments and actions related to cryptocurrencies. Musk has come under fire for promoting cryptocurrencies on his platform, with some accusing him of influencing the market and abusing his power. Others have noted that Musk’s comments could have a negative impact on many investors’ livelihoods and cause substantial market movements.
Elon Musk’s choice to replace the Twitter emblem with the Dogecoin logo is probably an indication of his support for the cryptocurrency and its position as a meme. Musk is well-known for his quirky personality and sense of humor, so it makes sense for him to promote a coin that was made as a prank. Additionally, Musk may believe Dogecoin has staying power as an altcoin and is utilizing his platform to spread the word about it. Regardless of Musk’s motivation, it’s obvious that his support for Dogecoin has had a major effect on the cryptocurrency market, and many people are carefully monitoring it to see what he does.
What happened after Elon Musk changed the Dogecoin Twitter logo: Market changes
When Elon Musk replaced Twitter’s blue avian logo with the much-discussed cryptocurrency Dogecoin, the world was taken aback. The cryptocurrency coin responded favorably to this shift by surging over 30% in a matter of minutes.
In 30 minutes, Dogecoin increased from $0.077 to $0.10. With a market value of more than $13 billion, dogecoin is the eighth-most expensive cryptocurrency, according to CoinMarketCap.com.
Due to allegations that he manipulated Dogecoin prices, Musk is being sued
The change in insignia comes days after Twitter and Musk’s lawyers requested a federal court to dismiss a $258 billion lawsuit from 2022 accusing the tycoon of manipulating the price of dogecoin and raising it by more than 36,00%.
Musk’s choice follows his March 31 request to a US court to dismiss a $258 billion conspiracy lawsuit accusing him of operating a pyramid scam to benefit Dogecoin.
According to court papers, the $258 billion in penalties is triple the decrease in Dogecoin’s worth over the preceding 13 months.
According to Musk’s attorneys, his claims were too ambiguous to qualify as deception.
In accordance to a Reuters story, Musk’s attorneys claimed that it is not illegal to post encouragement for or amusing images of a legitimate cryptocurrency that still has a market cap of close to $10 billion. This court ought to reject the lawsuit and put an end to the plaintiffs’ dream.
— Elon Musk (@elonmusk) April 3, 2023
Musk tweeted a joke about it and made fun of the US SEC as he did so, confirming his decision to change the emblem in his own distinctive way.
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